In a newly released personal account, titled Ithaki, the former leader Tsipras spares no criticism as he examines that chaotic era during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he appointed that maverick academic Yanis Varoufakis as his treasury head mainly because of his worldwide fame along with Varoufakis's highly compelling skills as a public orator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief had his own motives that included advancing Varoufakis's books and experimenting with his own game theories using the nation instead of genuinely advocating its economic stability.
Tsipras noted that those negotiations to stave off insolvency became “not just a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line lay both Greece's destiny but also the punishing austerity policies required in return for bailout funds by foreign lenders.
Failed Options
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action which plunged the EU into a further crisis of identity.
Although the vote was carried decisively by voters against austerity, Tsipras had little option but to reject its outcome and agree to a bailout package from creditors which turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author concludes how his former ally had proved himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
